Monday, October 20, 2008

He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our People, and eat out their substance.

The Declaration of Independence

Are you sure "He" is the king of England?

Friday, October 17, 2008

Anybody who says that the economy is as bad as the great depression has no grasp of history. The truth is that its going to be as bad as the Carter administration but no worse. The media continues to push the depression line only because the worse the economy, or general perception thereof, the better for their presidential candidate. With any significant market dislocation, opportunity is created. The last few weeks I have been more active in the market than since I left New York. Dislocations like this only happen once a decade and while I will keep tight stops on many additional investments, I am in it for the long haul and you know how that story goes.